Randal K. Quarles
Under Secretary for Domestic Finance
On Tuesday, August 2, 2005, Randal Keith Quarles was sworn in as the Under Secretary of the Treasury for Domestic Finance. In that capacity, he serves as the principal adviser to the Secretary on matters of domestic finance and leads the Department's activities with respect to the domestic financial system, fiscal policy and operations, governmental assets and liabilities, and related economic and financial matters.
Before his appointment as Under Secretary, Mr. Quarles served as Assistant Secretary of the Treasury for International Affairs from March 2002 through August 2005 and as the United States Executive Director at the International Monetary Fund from 2001 through August 2002. During his years in these roles, Mr. Quarles was responsible for a wide range of international financial matters, focusing particularly on financial structure and stability, cross-border investment and financial regulation, issues surrounding sovereign debt markets, and promotion of free trade in financial services, as well as development finance and reconstruction. In the execution of these responsibilities, he represented the Treasury on over 120 different international missions to nearly 50 different countries.
During the Administration of President George H.W. Bush, Mr. Quarles also served at the Treasury; first as Special Assistant to the Secretary for Banking Legislation from 1991 to 1992 and as Deputy Assistant Secretary for Financial Institutions Policy from 1992 to 1993. In those roles, Mr. Quarles was a principal member of the Treasury's effort to design comprehensive reform of the laws governing bank capital markets activities.
In the private sector, Mr. Quarles was co-head of the Financial Institutions Group at the law firm of Davis Polk & Wardwell. He has advised both domestic and international banks and bank holding companies on a broad variety of matters, including mergers and acquisitions and venture capital operations, as well as the full range of bank securities activities and capital markets transactions. He has significant experience in advising international banks on cross-border and cross-industry financial regulatory matters.
Mr. Quarles has spoken and published on a variety of issues in international finance, and he is a co-author of Foreign Bank Acquisitions of U.S. Banking Institutions. He is a member of the American Bar Association and the Bar Association of the City of New York and is included in Euromoney's Guide to the World's Leading Banking Lawyers.
Mr. Quarles graduated summa cum laude in Philosophy and Economics from Columbia College in 1981 and received his J.D. from Yale Law School in 1984.